Rich Ricci, the man with the most easily mockable name and most flamboyant dress sense in banking, will retire in June as CEO of Barclay's investment banking arm.

Ricci's pay packets have attracted controversy in recent years. It was revealed in an ill-timed Budget Day announcement that he landed £18 million from selling a 5.7m tranche of shares given to him by the bank for previous annual bonuses and long-term incentive schemes, despite waiving a bonus for last year.

Ricci will receive a year's salary after leaving, unless he gets a new job in the meantime, but Barclays declined to reveal his basic pay and his pension entitlements. He will also continue to be paid bonuses.

Labour MP John Mann is calling for Rich Ricci to pay back the £18m bonus and incentives. He said “Rich Ricci should pay back his riches. He was Bob Diamond’s right hand man at the time of the Barclays Libor fixing scandal and in the centre of Barclays reckless banking investment culture.

"He has personally benefitted from the culture of excessive risk taking. He now has the opportunity to do the right thing and either pay back his £18 million of ill gotten gains or give the money to charity”.